‘Veteran investor Peter Morgan has warned that top companies are using accounting “skulduggery” to boost profits and bonuses and hide more than $26 billion in write-downs in their latest results. Huge write-downs at top 50 companies led by BHP Billiton, South32, Rio Tinto, Santos, Woolworths, Orica, Woodside and Wesfarmers led to a 43 per cent or $44 billion collapse in statutory profits in the year to June 30 compared to last year. The write-downs are twice those reported in 2015 and the highest since the global financial crisis but more than $26 billion of the $38 billion in red ink was airbrushed from the results presented to investors, KPMG says in a forthcoming analysis.’